Israeli Petroleum Commission approves Karish field development plan

Energean Oil & Gas SA is working to reach final investment decision before yearend for its Karish and Tanin natural gas fields offshore Israel.

Subsidiary Energean Israel expects to start gas production in 2020 from the fields’ combined 531 MMboe 2C resources, which include 2.7 tcf of gas and 41 MMboe of light hydrocarbon liquids.

The FDP, submitted in June, calls for three development wells on the Karish Main Development with a floating production, storage, and offloading vessel about 90 kilometres offshore Israel. Production capacity will be 400 MMcfd. The Karish development will require an estimated US$1.3-1.5 billion.

Energean Israel owns 100% of Karish and Tanin fields, but comprises a 50-50 joint venture between Energean and Kerogen Capital.